Benzinga | Jul 26, 2021 12:12PM EDT

China Commands Tech Giants To Resolve Anticompetitive, Security Matters: WSJ

* China's Ministry of Industry and Information Technology directed the domestic internet giants to fix certain anticompetitive practices and data security threats, the Wall Street Journal reports.

* The telecommunication and industry policies watchdog proposed a new six-month rectification program to rectify multiple industry issues.

* The issues included malicious blocking of website links to other company sites and products to lock out competitors of major tech ecosystems.

* Recently, Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings Ltd (OTC:TCEHY) proposed gradually opening up their services to one another amid the regulatory crackdown.

* Price action: BABA shares were trading lower by 6.79% at $192.53, and TCEHY shares traded lower by 7.68% at $61.75 on the last check Monday.